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Ex-Tyco Director Pleads Guilty to Taking $20 Million Secret Payment.
Knight Ridder/Tribune Business News, December, 2002
By Barbara Ross, Daily News, New York Knight Ridder/Tribune Business News
Dec. 18--Ex-Tyco director Frank Walsh turned on the water works yesterday, weeping as he pleaded guilty to a felony charge of taking a secret $20 million payment from his former employer and lying about it.
Walsh, arrested in the morning, admitted he failed to inform his fellow directors about the hefty payout and similarly misled the Securities and Exchange Commission.
To settle the charges, Walsh agreed to repay Tyco the entire $20 million, even though half went to a charitable foundation he controls.
He also agreed to pay New York city and state each $1.125 million in lieu of fines and pay $250,000 to the Manhattan District Attorney's office to cover...
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